Star 2024-11-05

Old Mutual Private Equity (OMPE) and black-owned investment firm Sphere Investments (Sphere) have acquired Much Asphalt, with its management, from JSE-listed AECI in a R1.1 billion transaction that will be financed through a combination of debt and equity. Much Asphalt is South Africa’s largest commercial manufacturer of asphalt and bituminous binders and emulsions, with its products principally being used in road surfacing. The company is the only player in the sector with a nationwide presence. AECI Group CEO Holger Riemensperger said in a statement that together, OMPE and Sphere provided a platform for financial strength, market access and long-term success for Much Asphalt. “This transaction is another significant step in our strategic journey and we are pleased with the outcome. The sale of Much Asphalt is a key component in…

Anglo American has announced the disposal of its 33.3% minority stake in the Jellinbah Group for $1.1 billion (around R19.3bn) as it repositions its portfolio. This transaction involves two major steelmaking coal mines in Australia – the Jellinbah East and Lake Vermont – reflecting the diversified resources firm’s strategy to focus on more lucrative commodities such as copper and premium iron ore. The sale is set to take place with Zashvin, which currently holds an equal stake in the joint venture, alongside Marubeni Corporation. Anglo American was not involved in the production and marketing of the steelmaking coal produced from the Jellinbah-controlled mines. This strategic divestment follows Anglo American’s plan to streamline operations, which now include systematic exits from its platinum group metals, diamonds, and steelmaking coal sectors. Duncan Wanblad,…

The JSE All Share Index exhibited little movement yesterday, while the rand remained static As America braces for the conclusion of its electoral process, the implications of a second Donald Trump presidency ripple far beyond the shores of the US, particularly affecting nations like South Africa. With around two-thirds of voters already participating in early voting, local markets remain on pause as uncertainty looms over the potential outcomes. The JSE All Share Index and the rand exhibited little movement yesterday on the eve of the US election, reflecting a cautious sentiment among investors. The rand remained range-bound between R17.50 and R17.60 to the US dollar, retreating from its recent high against the greenback, while the All Share Index remained virtually unchanged at 86 047 index points by 4pm. “The rand…

The blaze that has put one unit at Kriel Power Station in Mpumalanga out of commission for the foreseeable future has reignited the fierce debate about the age of Eskom’s coal-fired fleet and its adequacy to deliver uninterrupted power supply. Eskom yesterday confirmed that a preliminary investigation showed that a fire had been triggered by a broken oil pipe on Sunday afternoon, causing an oil spill on the hot surfaces of the turbine at Unit 6 at Kriel Power Station. The power utility said the unit correctly tripped following the loss of hydraulic oil to the turbine valves, and that this had no impact on power supply. Kriel Power Station Unit 6 contributes 475MW to the power grid. With this unit temporarily offline, total unplanned outages stand at 8 483MW—still…

Abu Dhabi’s main oil company and AIQ agreed on a deal to use artificial intelligence to make the energy industry more efficient. Abu Dhabi National Oil will for the first time use agentic AI - developed by AIQ in collaboration with Microsoft and G42 - to analyse massive amounts of data to identify operational improvements in the energy industry, CEO Sultan Al Jaber said at the opening of the Adipec conference on Monday. “It will speed up seismic surveys from months to days,” Al Jaber said, adding that it will also make the industry more sustainable by reducing emissions. “It will increase the accuracy of production forecasts by up to 90%.” In September, Microsoft and G42 announced the establishment of two artificial intelligence centres in Abu Dhabi, months after they…

In a season marked by environmental hurdles, South Africa has recorded a remarkable wheat harvest of 2.05 million tons for the 2023/24 marketing year, exceeding the five-year average of 1.98 million tons. This achievement underscores the resilience of the nation’s agricultural sector, particularly in light of the severe floods that hit the Western Cape in September last year, which raised concerns about substantial crop losses. Wandile Sihlobo, chief economist at the Agricultural Business Chamber of SA (Agbiz), yesterday emphasised the significance of this year’s harvest, especially since the Western Cape typically contributes nearly two-thirds of the country’s wheat crop. “Despite the initial fears of crop damage due to the floods, the wheat fields displayed remarkable recovery towards the end of the season, resulting in a commendable yield,” Sihlobo stated. However,…